RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of April 28, 2012 No. 176

About establishment of rating agencies and the minimum required rating for bonds with which banks can perform transactions, and also the minimum required rating of the countries with which government securities banks can make transactions when implementing broker and (or) dealer activities

According to the Law of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan", the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Determine that banks of the second level (further - banks) perform transactions of purchase and sale with the following securities:

the bonds of foreign issuers having rating "VVV-" is not lower (on classification of Standard & Poor rating agencies’ and Fitch) or Vaaz is not lower (on classification of Moody's Investors Service rating agency);

the bonds of issuers of the Republic of Kazakhstan having rating "VV-" is not lower (on classification of Standard & Poor's and Fitch rating agencies) or VAZ (on classification of Moody's Investors Service rating agency), or rating assessment of similar level on national scale of the above-stated rating agencies is not lower. For the purposes of this paragraph of the bond of issuers of the Republic of Kazakhstan, the being the organizations more than fifty percent of shares in the authorized capital or placed shares which the Government of the Republic of Kazakhstan owns are recognized to National Bank or national managing holding as the bonds of issuers of the Republic of Kazakhstan having the sovereign rating of the Republic of Kazakhstan.

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